“Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected.” – George Soros
As we wait for the SNB, BOE and BOJ, the main focus seems to be on how the USD is going to move after digesting what we got out of the FOMC. We still maintain that for a clearer picture we’ll have to see how the week closes but it looks like we could be seeing a correction/pause of the recent move.
In terms of the broader market, despite talk of this big rotation, NQ still does not look too pretty and we are confident that astute market watchers have not forgotten the moves we saw last Friday. We’ll have to see how these trade but if we trade below yesterday’s lows across the board, we would expect things to get extremely interesting. Naturally, we could still press higher and continue the ramps across the board but it will have to be without us.
We still believe that the chart everyone should be focusing on is CL; that’s the most interesting move.
As always there is no substitute for real-time/live action; if you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.